Lawmakers haggling over a bill to replenish a small business relief fund that ran dry last week may be back in the same position in a matter of days.
Bankers responsible for doling out federal loans to small businesses amid the coronavirus pandemic are warning that a fresh cash infusion to the relief fund may run out in as little as two days, according to Politico. The Paycheck Protection Program, as the aid fund is called, ran out of its initial $350 billion allocation on Thursday.
“This is going to go within, at most, 72 hours,” Consumer Bankers Association President Richard Hunt said, referring to the $300 billion infusion in the current draft of the bill. “But the odds are more like 48 hours.”
Banking industry representatives say that the program burned through its initial cash at a rate of $50 billion per day and that the PPP needs about $1 trillion to meet the demand of hundreds of thousands of pending applications for emergency loans. American Bankers Association executive vice president James Ballentine is warning lawmakers that the next round of loans will be approved even faster as banks have become comfortable with the program’s loan process and have continued to work with small businesses on their applications while the fund has sat dry.
Democrat lawmakers blocked GOP attempts to replenish the PPP late last week and early this week.
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13 comments:
Because to dam many companies got it that didn't deserve it. It was all about politics as always.
STOP sending the damn $$$ to BIG Business then !!! DUGH
No money for big business? What happens then ? Massive layoffs and closures and relocation to China. How many times do you want that to happen?
They should have started with businesses with less than 5 employees and worked their way up to the big ones instead of the other way around. Would have benefitted a lot more small businesses.
I know for a fact many business’ in Ocean City will clean up with these grants. They don’t make any money now anyway, applied for the forgiveness program, and have payroll in June and July that will be forgiven.
No more money for any type of relief, since there were no parameters or accountability set forth and corporations and other institutions received money which should have been ineligible. To much fraud that has to be corrected. This is how Politians operate and they should be held accountable monetarily for their ignorance and irresponsible spending.
Exactly!
Some of you make comments as if the government exists to help people. It doesn’t. It exists to help cronies - those who are rich and fund the campaigns.
Wake up.
You are like small children.
There are bad people and most of them work for the government.
You sir are an uninformed idiot. #1 they sold the program as SMALL business. What fomt you understand about that concept? #2 corporstions have access to waaaay more resources. Perhaps they should sell some of that stock they bought back instead of adding jobs or increasing pay after getting a tax cut. Maybe they should use their liquid assets. Perhaps they should consider snagging some of these near 0 interest loans as they have olenty of collateral.
4:55
Hear here
Big banks looking out for their buddies who donate to the Democrats and senate and house banking committees no where to be found,shows how they hate us out here.
Big Business Got CAUGHT in the act !!! FINE THEM & send the damn $$$
to the Small Businesses Pronto !!!
Our Unemployment (NO $$ yet ) has been DRY for over a month now !!!
Where is OUR Relief ???? ALot of us can't File until Fri 4-24-2020 on the
NEW system & have been waiting over a month !!!
Then we will WAIT another 2-3 weeks or more after 4-24-2020 FRI !!!!!
The Government is Useless & Very Incompetant & No Excuse for it in 2020 !
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